If you are like me, you want to keep earning interest on your funds until you find the perfect real estate investment. What I discovered was a company called
Celsius Network. Celsius is a crypto/ stable coin platform that allows you to earn money on stable coins, or crypto.
.The APY generating system employed by the Celsius Network is somewhat unique in the cryptocurrency ecosystem.
Earn far more than at banks. Image via Celsius.network
Dislcaimer that I personally use Celsius and there are risks involved with lending platforms such as risk of custodianship/centralization, hacks, chance of mass liquidation/loan repayment defaults, and changes to crypto laws and regulations.
Purchase via Bank Account
As with most crypto exchanges, bank transfers are generally the cheaper option. Celsius has partnered with GEM, which provides in-app coin purchases seamlessly within the Celsius platform. GEM works with two crypto providers: Wyre and Coinify, who can provide various tokens to Celsius customers.
To purchase crypto via bank transfer, users simply need to hit the “buy coins” button and select “bank transfer.”
Image via Celsius Support
The app will then direct you through the process of email verification, entering KYC details, then to a screen where you can enter your banking details. You can find a detailed breakdown of the entire process in the “how to buy” Celsius article.
Purchases via bank transfer will take 3-5 business days, and the fee breakdown is as follows:
- Wyre – ACH transfer (US only) 0.1%
- Coinify – 0.5% manual bank transfer, 2% for credit card purchases (EU), 3.5% (non-EU credit card)
Financial Considerations at Celsius
One thing anyone will want to know before signing up with Celsius and sending over some coins is how they stack up in interest payments and fees. After all, this is a financial platform and your interest in it is tied to making money or taking a loan.
Celsius Fees
Celsius beats out most of its competitors in this regard because the platform has no fees. There are no deposit or withdrawal fees, no origination fees, no default fees, and no early termination fees. There’s not a fee to be found at Celsius. Though, as explained above, the partners that Celsius have entrusted with the purchasing crypto options do charge fees, so be wary of that if you choose to purchase your crypto through the Celsius app.
Earning interest with Celsius
Earning interest through the Celsius Network is just plain simple. Create a wallet, deposit your coins, start earning interest. Immediately. Celsius begins calculating your interest earnings immediately upon receiving your coins, although the actual interest payments are made weekly. And you can withdraw your principal and the interest any time you like.
Image via Celsius.network
As mentioned above, there are no fees to pay to withdraw your money
Contact me for more info at bostonreia@gmail.com